Crypto whales have taken advantage of the recent market downturns, loading up their bags as the value of several tokens slipped to lower levels. Through the previous few retraces, a whale bought over 400 billion PEPE, already registering unrealized profits from its purchase. Some market watchers imagine the token is poised to guide the “memeseason” after its recent performance.
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Whale Goes On Buying Spree
Per week ago, the crypto market saw a big slump, with most cryptocurrency prices nosediving by over 20%. Bitcoin (BTC) saw its price fall from the $59,000 mark to as little as $49,000 last Monday. Meanwhile, Ethereum (ETH), the second-largest cryptocurrency by market cap, retraced 24% after its price dropped below the $2,200 support zone.
PEPE, one in every of the leading memecoins, also saw a price decline of over 28%, which fueled a negative sentiment amongst some crypto investors. After the memecoin recovered over the week, a whale decided to take cash in on the frog-themed token.
On-chain data evaluation firm Lookonchain revealed that a whale had sold its 795.92 billion PEPE since August 1. The address, which withdrew its holdings from Binance on March 1, sent 400 billion tokens, value around $4.2 million, back to the crypto exchange.
The whale saw a return on investment (ROI) of 230%, in response to Lookonchain. On Friday, the address deposited its remaining 3945.92 PEPE on Binance, making a complete profit of $5.06 million.
Nonetheless, not all investors decided to sell, as one address took the chance to purchase the dip. In keeping with SpotOnChain, a whale named “cookislandstrust.eth” loaded its bags throughout the August 5 and August 12 retraces.
Per the post, the whale purchased 300 billion PEPE per week ago and one other 120 billion tokens today. Within the last week, the address spent 3.13 million USDT to purchase the 420 billion tokens at a mean price of $0.000007455.
On the time of the report, the investor had remodeled $170,000 (+5.43%) in unrealized profits. Moreover, the identical address bought 2,978 ETH, value around $7.05 million, on August 5, making over half one million in unrealized gains.
PEPE Recovers 10% From Monday’s Dip
Within the late hours of Sunday, the token saw its price drop from the $0.000008 level to the $0.0000076 mark, a 12% decline from the day prior. Following the buying spree, PEPE’s price saw a ten% surge from the market shakeout, reclaiming the $0.000008 support zone.
The recovery saw the token retest the $0.0000084 price range before retracing to the $0.0000082 level. This performance represents a 2.1% increase within the last 24 hours and a 36% surge within the weekly timeframe. As of this writing, the third-largest memecoin by market cap is trading at $0.00000823.
In keeping with the pseudonym crypto trader Trade4ddict, PEPE has been “holding well again in comparison with most alts,” despite today’s dip. To him, the frog-themed memecoin “confirmed a breakout of 4 days price range” on Friday, which accomplished the bull setup.
The trader considers the token is “gaining strength again” after the most recent “little correction.” This means to him that the “next step is a breakout of the descending broadening wedge.” Per the post, a breakout could lead on to a run that will retest key resistance levels and propel the value to a latest all-time high (ATH).
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Similarly, one other market watcher sees PEPE as “trying to lead the memeseason.” The analyst highlighted the token’s strong comeback after “breaking below the important support level,” suggesting that an uptrend seems favorable.
PEPE’s performance within the three-day chart. Source: PEPEUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com